How‌ ‌to‌ ‌Calculate‌ ‌the‌ ‌Highest‌ ‌FD‌ ‌Rates‌ ‌in‌ ‌India?

How‌ ‌to‌ ‌Calculate‌ ‌the‌ ‌Highest‌ ‌FD‌ ‌Rates‌ ‌in‌ ‌India?

Fixed deposits are stable investment instruments that enable you to earn high returns without posing any risks to your invested amount. Though their interest rates remain constant, they depend on numerous factors such as lock-in period, FD type, customer type, etc.

To calculate the interest and final maturity amount based on these aspects, financiers provide an FD calculator on their portal. The fixed deposit calculator is a simple online tool that makes your job easy while calculating the returns from your FD investment. To understand how to use this calculator, you can follow the below procedure: 

  • Enter the deposit date, investment amount, tenor, customer type, etc. on the FD calculator of your preferred bank or finance company. 
  • Upon entering these values, you will be asked to choose between cumulative or non-cumulative FD.
  • A cumulative FD provides a lump sum amount at maturity that will include the payment of interest as well whereas a non-cumulative FD will provide periodic interest payouts over the tenor and you will get the invested amount at maturity.

Note: The interest earned by a cumulative FD tends to be slightly higher than a non-cumulative FD as the interest gets compounded after every quarter. 

  • Once you choose your preferred FD type, the calculator will display the maturity date, maturity amount, the interest generated, and periodic interest payout (if you invest in non-cumulative FD) automatically.

The FD calculator proves to be more than a handy tool as it makes a comparison between various FD schemes and enables you to plan your finances without any issues.  

Which is the highest FD rate in India?

The bank FD interest rates are not on the higher side as of now due to uncertain economic conditions and recent repo rate cuts done by RBI. As per the current fixed deposit rates, one of the highest interest rates is 7.35% which is offered by Bajaj Finance FD.  

For exploring some other benefits of Bajaj Finance FD, please look at the below features:

Flexible Tenors 

  • A flexible tenor from 12 to 60 months can be selected for your deposited amount. You can split your amount in multiple FDs of different tenors and types to ladder them as per your financial requirements. 
  • Also, you can submit a single cheque to deposit in multiple deposits accounts with the multi-deposit facility.

Easy Investment Method

  • An online procedure is provided to facilitate a hassle-free investment process. You will need to submit an online FD form and the KYC can also be verified online by using the cKYC procedure. 
  • A 0.10% additional FD rate is given to investors who select the online process for opening the FD account. 

Liquidity options 

  • A minimum penalty fee is charged on withdrawing an FD prematurely. 
  • Also, you can keep your FD intact by availing a loan against your FD. Up to 75% of the FD value is provided as a loan and this amount can fund your expenses in times of crisis.

You can invest in Bajaj Finance FD as it is credited highly for its stability and safety by reputed credit rating organizations like CRISIL and ICRA. 

It is a better option to invest in FDs as they provide fixed returns without subjecting your capital to any risks. The fixed interest rate of an FD allows you to calculate the interest in advance with the help of an online tool called FD return calculator. A fixed deposit calculator uses the inputs like amount, tenor, customer type, etc. provided by you and displays the interest, maturity date, and maturity amount in a few seconds. One of the highest FD interest rates up to 7.35% is provided by Bajaj Finance FD. It also provides ease of investment method, the flexibility of tenor, and other features that help you to grow your savings smoothly.